Institutional Demand Anchors Tokenized RWA Market, Retail Yet to Catch Up
Tokenized real-world assets (RWAs) were a focal point at Consensus Hong Kong 2026, where senior executives from across finance and crypto examined how blockchain infrastructure is reshaping capital markets. The panel brought together Evan Auyang of Animoca Brands, Christian Rau of Mastercard, Nicola White of Robinhood, and was moderated by RedStone co-founder Marcin Kazmierczak.
Echoing recent remarks from BlackRock COO Rob Goldstein, speakers highlighted the transformative potential of digital ledgers, comparing their impact to the advent of double-entry bookkeeping centuries ago.
Despite growing enthusiasm, today’s tokenized RWA landscape remains dominated by institutional players. The strongest traction is seen in tokenized U.S. Treasuries, money market funds, stablecoin-linked products, and collateral optimization strategies. Institutional offerings such as BlackRock’s BUIDL fund, along with initiatives from Robinhood and Bitstamp, underscore how traditional finance firms are actively integrating tokenization into their product suites.
Retail engagement, by contrast, remains limited. Few attendees indicated direct exposure to tokenized RWAs, reflecting the early stage of mainstream adoption. Panelists pointed to Europe’s regulatory clarity as a catalyst for tokenized public equities, while identifying private credit, real estate, private equity, and even art as sectors with substantial long-term potential.
With companies staying private longer and investor appetite growing for fractional ownership and around-the-clock liquidity, tokenization could significantly broaden access to historically illiquid markets.
The overarching takeaway from the discussion: tokenized RWAs have moved beyond theoretical promise and are delivering practical value for institutions. The next inflection point will likely depend on retail onboarding — a development that could unlock trillions of dollars in previously inaccessible assets once structural and regulatory barriers are addressed.
